Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/18792 
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dc.contributor.authorBelke, Ansgaren
dc.contributor.authorGros, Danielen
dc.date.accessioned2009-01-28T15:52:55Z-
dc.date.available2009-01-28T15:52:55Z-
dc.date.issued2005-
dc.identifier.urihttp://hdl.handle.net/10419/18792-
dc.description.abstractThe belief that the ECB follows the US Federal Reserve in setting its policy is so entrenched with market participants and commentators that the search for empirical support would seem to be a trivial task. However, this is not the case. We find that the ECB is indeed often influenced by the Fed, but the reverse is true at least as often if one considers longer sample periods. There is empirically little support for the proposition that there has been for a long time a systematic asymmetric leader-follower relationship between the ECB and the Fed. Only after September 2001 is there more evidence of such an asymmetry. We also find a clear-cut structural break between the pre-EMU and the EMU period in terms of the relationship between short term interest rates on both sides of the Atlantic.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1428en
dc.subject.jelF41en
dc.subject.jelE58en
dc.subject.jelE52en
dc.subject.ddc330en
dc.subject.keywordco-movement of interest ratesen
dc.subject.keywordEuropean Central Banken
dc.subject.keywordFederal Reserveen
dc.subject.keywordmonetary policyen
dc.subject.keywordpolicy coordinationen
dc.subject.stwGeldpolitiken
dc.subject.stwZinspolitiken
dc.subject.stwInternationale wirtschaftspolitische Koordinationen
dc.subject.stwEU-Staatenen
dc.subject.stwVereinigte Staatenen
dc.titleAsymmetries in the trans-atlantic monetary policy relationship : does the ECB follow the Fed?-
dc.typeWorking Paperen
dc.identifier.ppn484932438en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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